Supreme Court of India's Safari Retreats' Verdict: TaxWire 25.10.2024

The recent Indian Supreme Court judgement in the Chief Commissioner of Central Goods and Service Tax vs. Safari Retreats Private Limited & Others1 case is a landmark judgement under the Goods & Services Tax (GST) law in India,

Mismatch in year of taxation of Income and TDS Credit – Form 71 to the relief

The Income Tax Law in India requires that income from a particular assessment year be subjected to tax in that assessment year.

GST on Renting of residential property to registered person

For more than 15 years, renting of property has been covered under either service taxor Goods and Service Tax (GST). Broadly,the Government's intention seemed clear –tax commercial rentals and exemptresidential rentals.

Remission of Duties and Taxes on Exported Products (RoDTEP)

RoDTEP rates and scheme details have been announced by the Ministry of Commerce and Industry by making suitable amendments to chapter 4 of the Foreign Trade Policy (FTP) in the notification (19/2015-2020) dated 17th August 2021.

Section 2(42C) of the Income-tax Act, 1961(IT Act) defines 'slump sale' as transfer ofone or more undertakings for a lumpsumconsideration without the value beingassigned to individual assets and liabilities in such cases.

Section 2(42C) of the Income-tax Act, 1961 (IT Act) defines 'slump sale' as transfer of one or more undertakings for a lumpsum consideration without the value being assigned to individual assets and liabilities in such cases.

Consideration for sale of software - Royalty or not: Delhi tax tribunal ruling

It is a known fact that buying licenses for software usage is a very common business transaction. It is also fairly common for Indian entities to buy suchsoftware from foreign companies.

Finance Act, 2020 – Passed with multiple amendments

Indian Finance Minister had presented the Budget containing the Finance Bill, 2020 on 1st February, 2020. This was tabled in both the houses of Parliament and wassupposed to be discussed.

Direct Tax Vivad se Vishwas Act, 2020

The Finance Minister introduced the Direct Tax Vivad se Vishwas Bill, 2020('DTVSV' or 'the scheme') in the Parliament on 05-02-2020 for providingresolution of disputed tax and for mattersconnected therewith and incidentalthereto.

Key highlights of 31st and 32nd GST Council Meet

As you all are aware, w.e.f 01st July 2017, India moved into a comprehensive Indirect tax regimeunder the Goods and Services Tax (GST) Law. GST Council is a constitutional body for makingrecommendations to the Union and State Government on issues related to Goods and Service Tax.

Mumbai tax tribunal holds that 'Conversion of CCPS into equity shares is Not taxable'

The provisions of section 45(1) of the Income Tax Act, 1961 (the Act) brings into tax the profits or gains arising from the transfer of capital asset under the head'Capital Gains'. Both the terms transfer and capital asset has been defined under the Act.

Tax Benefit for Start-ups – an overview

To keep a check on the closely held companies from bringing in undisclosed income into the company by issuing the shares at abnormal premium, section 56(2)(viib) was introduced into the Income Tax Act, 1961(the Act) by the Finance Act2012.

Changes in the ITR Forms AY 2018-19

Income Tax filings in India are based on self-assessment mechanism. Meaning, every person earning income in India and who is required to file tax returns, is required to compute his income and tax thereon. He needs to remit the tax and then file the said return with the income tax authority within the said date

Delhi High Court ruling on Constitutional Validity of Income Computation and Disclosure Standards (ICDS)

'Accountancy is a matter of taste. One tax payer may be conservative and others may not.' - So was told by Lord Greene in Henriksen (Inspector of Taxes) vs GraftonHotel Ltd

Green or not Green?

“Agriculture is the backbone of the Indian economy”. This is a statement that all of us are familiar with right from elementary school. Rightly so, as agriculture contributes around 22% to our country's

Penny wise, Pound foolish!

It has been constantly the effort of the Government to encourage the habit of savings and investment amongst its people and to ensure the surplus funds

Changes in the ITR Forms AY 2017-18

The year 2016-17 saw a lot of steps taken by the Government of India to ensure that black money is subject to taxes and the revenue of the government is secured.

Bollywood Badshah's tryst with the tax department!

Mr. Shahrukh Khan (hereinafter referred to as Mr. Khan/the assessee for brevity) is a well-known name in the film industry and also referred to as Badshah

India enters into protocol amending Singapore DTAA

It has always been a matter of dispute in India whether alienation of shares of Indian companies by companies located in tax jurisdictions like Mauritius or Cyprus can avail the benefit of treaty.

Update on Section 44AD & Section 44ADA of Income Tax Act, 1961

This communication is to apprise you of some amendment that has happened to Income Tax act relating to professional starting FY 2016-17. The amendment will apply to taxpayers engaged in specified profession like:

Opportunity hardly ever knocks twice!

In light of the recent developments in the administration of the country, with the introduction of the Income Declaration scheme,

Relaxation for Non-residents from obtaining PAN

The requirement to have a Permanent Account Number (PAN) for the purpose of Income Tax Act was first introduced in 1976.

Government frees 'Startup' from 'Angel Tax'

Infusing unaccounted money into closely held companies by issuing shares at abnormal premiums was a practice that prevailed as a method to convert unaccounted money into accounted money. In order to curb such practice, the

TDS and TCS amendments applicable from 1st June, 2016

The Finance Act, 2016 has brought changes in rates and limits for withholding as well as collection of taxes. These changes are applicable from 1st June, 2016. We have tried to summarise these changes as below

Compliances for Foreign Remittances Rationalized

Section 195 of the Income Tax Act, 1961 mandates withholding of taxes from payments being made to a non-resident ifsuch incomes is taxable in India.

Madras High Court's ruling on Taxation of unclaimed trading liability of discontinued business

When a person claims allowance or deduction in respect of losses, expenditures or trading liability in the earlier years and subsequently he obtainsany benefit/recovery/remission/cessation with respect to such allowances or deductions, such benefit is deemed to be the profits and gains from business or profession u/s 41(1) of the Income Tax Act, 1961 (the Act)